A diamond exchange service based in Singapore is partnering with two blockchain startups.
Singapore Diamond Investment Exchange (SDiX) is working with Kynetix, which develops blockchain-powered commodity marketplaces; and Everledger, which uses the tech to track the trade of diamonds. The three firms are working on an authentication proof-of-concept aimed at creating verifiable trails for precious stones.
According to a press release, the concept is designed to enable holders of diamonds with certificates from a verification laboratory to authenticate the ownership and authenticity of the diamonds using a distributed ledger. Changes of diamond ownership on SDiX will be updated on the ledger, creating a digital record for market participants.
Linus Koh, CEO of the Singapore Diamond Investment Exchange, said: “This new concept draws on blockchain’s distributed ledger capability to demonstrate how we can further instill confidence and convenience for the benefit of diamond investors and financiers.”
(Photo via PixaBay)